Eyebright Medical(SH:688050) Soochow Securities·2024-10-31 00:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's performance in the first three quarters of 2024 met expectations, with total revenue reaching 1.075 billion yuan, a year-on-year increase of 60.94%, and net profit attributable to shareholders at 318 million yuan, up 26.04% [2] - The third quarter continued to show strong growth, with revenue of 390 million yuan, a 49.11% increase year-on-year, and net profit of 110 million yuan, up 23.38% [2] - The report highlights a slight decline in net profit margin and gross margin due to product mix changes, with gross margin at 63.95% and net margin at 26.92% for Q3 2024, down 14.99 percentage points and 5.62 percentage points year-on-year, respectively [2] - The company is expected to see significant growth in 2025 with the launch of new products, including a new type of artificial lens, which is anticipated to break the dominance of foreign competitors [3] - The report projects an increase in net profit for 2024-2026, adjusting estimates to 4.13 billion yuan, 5.33 billion yuan, and 7.33 billion yuan, respectively, with corresponding P/E ratios of 45, 35, and 25 times [3] Financial Summary - Total revenue for 2024 is estimated at 1.422 billion yuan, with a year-on-year growth rate of 49.52% [1][9] - Net profit attributable to shareholders is projected to be 412.88 million yuan in 2024, reflecting a growth rate of 35.83% [1][9] - The latest diluted EPS is expected to be 2.18 yuan per share in 2024, with a P/E ratio of 44.94 based on the current price [1][9] - The company’s total assets are projected to reach 3.641 billion yuan in 2024, with total liabilities at 871 million yuan [9]